Here We Go

[Anonymous]

Ok got preapproval packet today including GFE disclosures and list of documents needed. Documents include paystubs w2s bank statements proof of a paid collection and LOE for "past delinquent payment history". Also request for a $400 check for appraisal. When can we start to confident that this might actually happen. First time buyers an getting anxious

[Anonymous]

We also are supposed to send our insurance contact for the company we choose. Is that good

[jesi_anrodriguez]

my score were pulled by Quickn Loan while i was under contract and it F my whole plan up! my credit went down 31 P from that! now my mid score 624 and it was 634 before they pulled hard inquaries and i wasnt even working with them, i am with a diferent lender! so now i have to wait for my score to go back up or else we have to pull and drop contract with this condo, this is so frustrating! :-(

[Anonymous]

Does anyone have any input on tax assessments vs mortgage appraisals. Are they usually close or can they differ greatly.

[mynameainttracy]

Depends on how they do them where you live. When I was in NC they were close. Here in PA they are way different. Our house will appraise around 350k but the assessed value will be around 125k.

[Anonymous]

I just keep expecting any and everything to go wrong.  It is really hard to tell around here. We live in a rural area with not much home sales just don't know if that will bring appraisal down. I hope I am worrying about nothing. 3400 square feet built in 2000 with above average materials. 3.5 acres with road frontage on a US Highway. I would think it should appraise with no problem but getting anxious. Tax assessment was 212,000.

[StartingOver10]

Your file sounds like it is in great shape. I am not in your area so I don't know how the tax assessments compare with the appraisals. In my area we are experiencing appraisal issues, usually if the LTV is higher. The LOs maintain that the LTV has nothing to do with the appraisals coming in low and from a purely intellectual standpoint I am sure that is true. But from a practical view point the only appraisals that I have seen that miss the mark are the high LTV loans.

Hopefully your area doesn't have this issue.

[Anonymous]

Thanks for the encouragement. Just spent hours making copies of documents and signing paperwork they sent. Hoping things continue to move smoothly. Do 401K loans come into play in mortgage applications. Just wondering about DTI. They are shown on my statements as well as deductions on paystubs. Shouldn't be an issue if they do apply just curious.

[frugalQ]

No, 401k loans are not included in the calculation.

[Anonymous]

---

@Anonymous wrote:
CU called today. She said they were sending my packet today looks like there won't be any major issues. Said right now the rate looks like 4.125 on a conventional. Is this a decent rate considering scores and situation above.

---

Yes, I would be happy with this rate. Your rate is based on lower middle score of both borrows (in this case it would be your 678). It sounds like your file is in good shape!